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what is the correct answer? The following three isoquants [(1), (2), (3)] describe the long-run substitutability/complementarity between labor and capital to produce a given amount

what is the correct answer?

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The following three isoquants [(1), (2), (3)] describe the long-run substitutability/complementarity between labor and capital to produce a given amount of output for different production processes. Assume Lo is the initial profit-maximizing amount of labor hired in each of the production processes. (1) (2) (3) K K K Qo Qe Lo Lo Now, assume there is an increase in the price of Labor for all three processes. What process will decrease output the least? Search Window O (1) and (2) will decrease output by the same amount O (3) O (1) (2) X 9 w

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